caa a22 4500 388051477 CHVBK 20180307125054.0 cr unu---uuuuu 161130s1998 xx s 000 0 eng 10.1162/002081898550752 doi S0020818398440578 pii (NATIONALLICENCE)cambridge-10.1162/002081898550752 Garrett Geoffrey Global Markets and National Politics: Collision Course or Virtuous Circle? [Elektronische Daten] [Geoffrey Garrett] Increasing exposure to trade, foreign direct investment, and liquid capital mobility have not prompted a pervasive policy race to the neoliberal bottom among the OECD countries. One reason is that there are strong political incentives for governments to cushion the dislocations and risk generated by openness. Moreover, countries with large and expanding public economies (when balanced with increased revenues, even from capital taxes) have not suffered from capital flight or higher interest rates. This is because the modern welfare state, comprising income transfer programs and publicly provided social services, generates economically important collective goods that are undersupplied by markets and that actors are interested in productivity value. These range from the accumulation of human and physical capital to social stability under conditions of high market uncertainty to popular support for the market economy itself. As a result, arguments about the demise of national autonomy in the global economy are considerably overdrawn. Copyright © The IO Foundation 1998 International Organization Cambridge University Press 52/4(1998), 787-824 0020-8183 52:4<787 1998 52 INO https://doi.org/10.1162/002081898550752 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1162/002081898550752 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Garrett Geoffrey NATIONALLICENCE 773 0- International Organization Cambridge University Press 52/4(1998), 787-824 0020-8183 52:4<787 1998 52 INO CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-cambridge